Financing Solar is a smart move. Moreover, it’s enabling homeowners to get massive savings on power bills. More financiers are providing affordable solar financing solutions. I.e. zero money down and low installments. As a result, solar installation has become a cost-effective investment.
Solar panels can produce enough power to run your home without the need for electricity. At the end of each month, you end up paying an amount that is less than your power bill. Moreover, once you clear the loan, you completely phase out power bills out of your budget. Leading to significant savings.
Installing a solar system is an expensive investment. Hence one that many homeowners shun. However, with the help of solar financing programs, it is easier than ever. Moreover, you can easily acquire a high-value solar system for as low as 0.99%. In addition, repayment is spread-out to make it affordable for the average person.
The option of early repayment is available with most solar financing. Historically, paying off solar financing early attracted penalties. However, now most financiers are welcoming it. Clearing your solar financing early is beneficial. Firstly, it improves your credit score. Secondly, it increases your debt-income ratio. Lastly it earns you interest cuts.
Owning a solar system is beneficial in that it boosts your home value. Consequently, you are able to secure more prospective buyers, in case you decide to sell your home.
Thanks to the convenient solar financing solutions, you can easily make the investment for your home’s value.
When you finance your solar system through a loan, you’re subject to federal incentives. More importantly, you can claim a federal tax credit of 26% The cost of installation goes against your tax liability. And if your tax liability is less than 26% of the cost incurred, you can roll the benefit to the years following the installation.
There is no direct answer as to which option is best. You may need to look at several factors before deciding which of the options is the most affordable. Specifically, the first step should be to enquire from the financiers what their fees constitute of.
Some financiers use a low-interest rate to attract borrowers, then impose fees to cover the cost of lending. Looking at what is constituted in the fees and then calculating the entire cost of the loan can help you determine which financier is cheaper.
You may also factor in the possibility of an early loan payoff. More specifically how much you’re likely to save under either of the two options.
Mosaic Solar Loans and Sunlight Financial are yet other options available for you. The mosaic loan is a very affordable facility with amazing features. It comes with no down payment, a low fixed interest rate, and nominal fees. You can also choose repayment terms from several options ranging from 15 to 25 years. In both Sunlight Financial and Mosaic Solar loans, your home is not attached to the security. The solar equipment
No matter your credit rating, you can get a solar loan at $0 upfront cost for as low as 0.99%. If you have a low credit score, consider exploring Property Assessed Clean Energy (PACE) loans. Under this facility, the financier will lend you based on your property’s value instead of your credit rating.
Your financial status shouldn’t restrict you from going solar if you so desire. With the availability of affordable solar financing, nothing should hold you back from reaping the long-term benefits of installing a solar system in your home. Consider getting a loan that doesn’t require a down payment and enjoy green energy in your home at lesser power costs. This is an excellent money-saving investment, especially if you plan to stay in your home for a long time.
Need to learn more about how to finance your solar installation project? Get in touch with us today.
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